来源：市场资讯 （来源：美港股观察社） 高估值溢价或短期压制市场情绪 作者：JR Research 编译：美港股观察社 近期成长股轮动未阻其收益增长 若此前市场趋势尚不明确，如今则愈发清晰。成长股正经历一场酝酿数月的市场估值重估，市场泡沫逐 步出清，理性回归之下，那些曾被忽视或冷落的股票开始迎来提振。不过，金融板块依旧热度不减，本 周再创历史新高；与此同时，科技板块虽出现回调，但这只是长期牛市中的常规调整，远未到崩盘的地 步。 那么，对于SOFI这类兼具成长属性的金融股而言，这一市场格局意味着什么？首先必须明确的是，尽 管该股自2025年8-9月以来便始终未能突破31美元的关键阻力位，但我们也无需对此过度悲观。下周即 将迎来圣诞节假期，相比10月份，当前市场信号更为明确：在买家有足够信心推动股价突破新高之前， 还需要更多利好因素作为支撑。 10月，SOFI的看涨逻辑主要聚焦于其向高增长领域多元化扩张的能力，尤其是在金融服务板块的布 局。但市场不会继续大幅推高其成长股估值倍数——毕竟当前金融板块的平均预期市盈率还不到11.7 倍。 尽管如此，SOFI当前的预期市盈率仍高达近50倍。不过，部分多头可能会反驳，这一 ...

Core Viewpoint - International Commercial Settlement (00147) experienced a significant stock price increase of over 60%, reaching HKD 0.35, with a trading volume of HKD 34.2445 million [1] Group 1: Stock Performance - The stock price of International Commercial Settlement rose by 60.55% as of the latest report [1] - The trading volume reached HKD 34.2445 million, indicating strong market interest [1] Group 2: Subscription Agreement - The company announced a subscription agreement with investors to issue a total of 2.782 billion shares at a subscription price of HKD 0.18 per share [1] - The subscription shares represent approximately 12.04% of the enlarged issued share capital [1] - The subscription price reflects a discount of about 17.43% compared to the closing price of HKD 0.218 on August 29, 2025 [1] Group 3: Purpose of Fundraising - The board of directors believes that issuing the subscription shares is a good opportunity to raise additional funds for general working capital needs [1] - The funds will also enable the company to have sufficient capital for future expansion in cryptocurrency-related businesses and other fintech projects [1]

Investment Rating - The report maintains a rating of "Buy" for the company with a target price of $13.88 [6][10]. Core Insights - The company has experienced rapid growth in client assets, driving sequential increases in brokerage and interest income. The strategy of prioritizing high-quality clients and deposits continues to yield positive results, while the crypto business shows significant growth potential [2][10]. - In Q2 2025, the company added 39,800 net new deposit clients, a 46.24% increase year-over-year, achieving two-thirds of its annual target of 150,000 net new clients. The majority of new clients came from Singapore and Southeast Asia [10]. - The total trading volume increased by 162.19% year-over-year to $5,014.92 billion, leading to a brokerage revenue increase of 98.95% to $123 million and interest income growth of 27.78% to $112 million [10]. Financial Summary - Total revenue is projected to grow from $273 million in 2023 to $976 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 29% [4][11]. - Net profit is expected to rise significantly from $33 million in 2023 to $301 million in 2027, with a notable increase in profitability metrics such as ROE, which is projected to reach 23.2% by 2027 [4][11]. - The company’s earnings per share (EPS) estimates have been revised upward for 2025-2027, now projected at $0.76, $1.18, and $1.71 respectively [10][11]. Market Performance - The current stock price is $11.57, with a 52-week price range of $3.39 to $14.48. The market capitalization stands at approximately $2,043.70 million [7][10]. - The company has achieved a significant increase in client asset scale, which grew by 36.31% year-over-year to $52.056 billion, driven by net deposits and market gains [10].

Core Viewpoint - The Federal Reserve has announced the cessation of its "new activity supervision program" established in 2023, which included enhanced regulation of the banking sector's cryptocurrency activities, reflecting a trend of loosening regulatory oversight on the cryptocurrency industry in the U.S. [1] Group 1 - The Federal Reserve's decision to stop the new activity supervision program indicates a shift in regulatory approach towards the cryptocurrency sector [1] - In April, the Federal Reserve retracted guidelines requiring banks to obtain regulatory approval before engaging in new cryptocurrency activities, signaling a more permissive stance [1] - Other federal banking regulators, including the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, have adopted similar measures, allowing banks to independently decide on cryptocurrency business under existing risk management requirements [1]